BODIES CORPORATE (OFFICIAL LIQUIDATIONS) ACT - 1963 (ACT 180)

Section - 16 - Custody of Company's Property

(1) Save as may otherwise be directed by the liquidator, the property of a company shall, during winding up proceedings, remain vested in the company.

(2) Subject to the provisions of the preceding subsection, the liquidator shall take into his custody or under his control all the property and things in action to which the company is or appears to be entitled.

(3) Any property in the possession of the company at any time within six months before the commencement of a winding up shall be presumed to be vested in the company unless the contrary is shown.

(4) The liquidator may, at any time after the commencement of a winding up, require any member or contributory and any trustee, receiver, banker, agent or officer of the company to pay, deliver, convey, surrender or transfer forthwith, or within such reasonable time as the liquidator may direct, to the liquidator any money, property or books and papers in his hands to which the company is prima facie entitled.